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The Department of Petroleum Resources (DPR) has announced a Maximum Economic Recovery (MER) strategy for Nigeria to attain maximum value delivery from its oil and gas resources, according to its Director, Mr Sarki Auwalu.


Speaking at the 2021 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Tuesday in Lagos, Auwalu said the industry initiative was one of the outcomes of the work of the National Oil and Gas Excellence Centre (NOGEC), Lagos inaugurated in January by President Muhammadu Buhari.


The conference has as its theme: “The Future of Energy –A Trilogy of Determinants: Climate Change, Public Health, and the Global Oil Market.”


Auwalu said: “Following an in-depth assessment of the status of the industry, the department identified the need to formulate the “Maximum Economic Recovery strategy for Nigeria.


“This is to guarantee the actualisation of sustainable resource optimisation and the economic benefits arising therefrom.


“The framework for this industry action plan, outlines six pillars or building blocks.”


Auwalu said the pillars were: Reserves Maturation and Production Optimisation, Exploration and Resources Maturation, Improved Oil Recovery and Enhanced Oil Recovery, Implementation Asset Stewardship, Performance Evaluation and Rewards Risk Management.


According to him, the draft framework has been shared with the industry, including professional associations like the SPE and the National Association of Petroleum Explorationists.


He said this was in preparation for an industry collaborative workshop to co-develop and enunciate this strategy for immediate execution.


“We count on the contributions and buy-in of all stakeholders on this crucial national assignment for our overall benefit and industry sustainability, “he said.


Auwalu said Nigeria was rising to the occasion as the ‘trigger’ for continental growth and economic transformation using its oil and gas resources to drive value for national development.


He said the DPR would continue to foster innovative ideas and create opportunities for investments and sustainability in the industry.


Auwalu said: “As always, we are enthusiastic to collaborate with all relevant stakeholders, including the SPE, toward the realisation of governments aspirations for the oil and gas sector. “In our role as business enablers and opportunity providers, DPR will continue to promote efficiency to meet the needs of the industry, creating value, enhancing transparency, reducing barriers and transaction costs.”



The Lagos State government has called for collaboration of all stakeholders including the real estate professionals, practitioners and property developers to boost the opportunities in the real estate sector.


The Special Adviser to Gov. Babajide Sanwo-Olu on Housing, Mrs Toke Benson-Awoyinka, made the call on Tuesday, at a one-day stakeholders discussion on Lagos State Real Estate Regulatory Law.


The theme of the discussion was: Redefining Opportunities In Real Estate, Regulations and Expectations.


Benson-Awoyinka noted that the real estate industry had many untapped opportunities that could positively impact the businesses of estate agents and other investors in the industry.


 “The overall intention of this forum is for all participants to learn new and relevant skills that would be useful in upscaling your businesses and develop the industry as a whole,” she said.


According to her, the population growth, migration and demand for property from citizens home and abroad, has led to an increase in the demand for accommodation, property investors and home ownership.


Hence, the special adviser said all professionals in the sector should rise up to the challenge.


She added that countries of the world had taken the real estate industry as a serious business and this had contributed immensely to the Gross Domestic Product of many economies, and Nigeria could not be left behind.


Benson-Awoyinka stated that in Nigeria, the real estate remained one of the sectors that had the potential to attract both local and foreign investors.


“For us in Lagos State, we will not relent in tapping fully into these numerous opportunities, and I urge you all to play your part to grow and develop the industry in Lagos state,” she said.


Benson-Awoyinka noted that as a government that cared, it would continue to ensure effective and conclusive environment for real estate business and investments to thrive in the state.


She said: “To unleash the endless opportunities that the industry has to offer, regulations must be put in place to enact and protect the interest of investors and the general public.


“The regulations we will discuss here today will lead to enforcement by the state government.


“As real estate stakeholders, we must be credible, accessible to provide accurate information on property sales and rentage, with ownership records when dealing with prospects in the industry.


“All hands must be on deck to tackle the challenges, alleviate the fears of the public and investors, so that we can all benefit from the opportunities in the industry and emerge stronger,” said Benson-Awoyinka.


Mr Moyosore Onigbanjo, Commissioner for Justice and Attorney General, said the newly passed LASRERA bill by the state Assembly was not intended to regulate the practitioners but to ensure that all transactions by stakeholders in the industry were captured.


 “The law becomes necessary in order to curb fraudulent practices in the real estate sector and also assure investors in the sector of a fair deal as a way of promoting ease of doing business in Lagos State.


 “We are interested in securing the transaction of investors and provide necessary support for all relevant stakeholders in the real estate industry.


 “The bill has been passed in July, just awaiting the assent of the governor for the law to become effective,” he said.


In his keynote address, Mr Gboyega Fatimilehin, Founding Partners, Diya Fatimilehin and Co., said countries with an existing regulatory framework for the real estate sector and its services were better placed to attract investors.


“Regulation that is not effective in meeting its objectives can be as harmful to the business, consumers and the government.


 “Real estate agents must be skilled in protecting, advising, and informing customers while maintaining a high ethical standard in their business dealings,” he said.


Mr Afolabi Balogun, Managing Partner, Libra Law, said it had been observed that most times, banks were the major problem with foreclosure of mortgaged property.


Balogun explained that this was largely due to lack of proper documentation by the banks.


“The foreclosure and redemption of a mortgaged property is governed by the provision of Order 55 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019.


“It requires the bank to only file an originating summons and furnish the court with substantial particulars of the debt, but the banks most times are unable to do this,” he said.


According to him, if the banks are more diligent in their approach, the courts can speedily make orders of foreclosures in their favour.


Government, Health

President Muhammadu Buhari of Nigeria today departed Abuja for UK to participate in the Global Education Summit on Financing Global Partnership for Education (GPE) 2021 to 2025.


The President’s spokesman, Mr Femi Adesina, in a statement on Monday, said the President will also spend a few days for an earlier scheduled medical check-up.


He said the summit would be co-hosted by the Prime Minister of the UK, Boris Johnson, and the President of Kenya, Uhuru Kenyatta.


According to him, the summit will bring together Heads of State and Government as well as stakeholders and youth leaders, and provide a platform for partners to chart a way forward towards transforming education systems in partner countries, through exchange of best practices.


“It will also offer the opportunity for leaders to make 5-year pledges to support GPE’s work to help transform education systems in up to 90 countries and territories.


“Deliberations at the Summit will focus on: The Power of Education –A Conversation between Global Champions; Transforming Education for Girls; Financing for Impact and Recovery and; What Now? Priorities for Transforming Education in the Coming Five Years, among others,’’ Adesina stated.


He revealed that the Nigerian leader would also hold a bilateral meeting with Prime Minister Boris Johnson.


He said: “He is due back by second week of August, 2021.’’




The presidential aide disclosed that Buhari would be accompanied by Minister of Foreign Affairs, Geoffrey Onyeama, Minister of State Education, Chukwuemeka Nwajiuba, National Security Adviser, retired Maj. Gen. Babagana Monguno and Director-General of National Intelligence Agency, Amb. Ahmed Rufai Abubakar.


The GPE 2021 to 2025 will be a key moment for the global community to come together and support quality education for all children.


A centrepiece of the summit will be the opportunity for leaders to make five-year pledges to support GPE’s work to help transform education systems in up to 90 countries and territories.


The GPE will take place on July 28 and July 29, 2021.


Tourism, TRAVEL

The National Emergency Management Agency (NEMA) has lauded the governments of Lagos and Ogun states for the support in resolving the traffic challenges being experienced during the festive period within Lagos state and Lagos- Ibadan corridor.


The Director-General, NEMA, Alhaji Mustapha Habib Mohammad who gave the commendation in a statement said the intervention had facilitated free flow of traffic that would enhance the safety of the travelling public in and out of Lagos state.


He said that deepening of more collaboration and information sharing would engender disaster risk reduction strategy in the citizens.


Mohammed said the agency had directed its officials all over the country to collaborate with the Federal Road Safety Corps (FRSC) to ensure “Safe Eid-El-Kabir Celebrations.”


He recalled that NEMA and Lagos State sectors of the FRSC had appealed to motorists on safety measures to be adopted during the festive season.


He added that the relevant traffic emergency management authorities from both states and the FRSC had mobilised men and materials for hitch free traffic during the Sallah celebrations on the Lagos- Ibadan corridor.



President Muhammadu Buhari of Nigeria on Monday restated the determination of his administration to create a just, harmonious and prosperous country in which the safety of life and property is assured.


The President’s Senior Special Assistant on Media and Publicity, Malam Garba Shehu, in a statement in Abuja, said Buhari stated in his Eid-el-Kabir message to Nigerians that his administration was working hard to address food inflation occasioned by the COVID-19 pandemic and the effect of floods on agricultural activities in the country.


While reflecting on current challenges facing the country, the president stated that “COVID-19 pandemic had taken a heavy toll on the economies of all countries, including Nigeria”.


He added that floods had caused large scale destruction to agricultural farmlands, thereby “impacting negatively on our efforts to boost local production in line with our policy to drastically reduce food importation.


“No government in our recent history has invested as heavily as we are doing to promote local production of about 20 other commodities, through the provision of loans and several other forms of support to our farmers.”


The president noted that apart from the destruction caused to rice farms by floods, middlemen had also taken advantage of the local rice production to exploit fellow Nigerians.


According to him, this has further undermined government’s efforts of supporting local food production at affordable prices.


“As an elected president who enjoys the goodwill of the ordinary people that gave us their mandate, let me assure you that we are continuing with measures to bring relief to Nigerians, including making fertiliser available at affordable prices to our farmers,” he added.


The president also noted that the current insecurity in the country “has produced severe and adverse effects on agriculture because farmers are prevented from accessing their farms by bandits and terrorists”.


Buhari reassured Nigerians that his administration had taken measures to address the nation’s security challenges.


“We have started taking delivery of fighter aircraft and other necessary military equipment and hardware to improve the capacity of our security forces to confront terrorism and banditry,” he said.


On the significance of the Eid-el-Fitr celebration, the president appealed to Muslims to demonstrate the good virtues of Islam through personal examples and practices.


He said: “Taking advantage of the celebration to exploit fellow citizens through outrageous prices of food and rams is inconsistent with fine virtues of Islam.


 “As practising believers, we shouldn’t seek obscene profits by making life difficult and miserable for others. We should not seek happiness at the expense of others.


“Remember that Islam is a religion of charity that urges us to love our neighbour as we love ourselves.”


He urged all Muslims to continue to live in peace and harmony with their fellow Nigerians of other faiths in the spirit of peaceful coexistence.


“Let us pray for the progress of Nigeria at all times. Let us expose undesirable elements among us who are creating security problems for the country,’’ the president further appealed to Nigerians.